Average Bitcoin Network Fee Increases 10.4x
On August 22, the average transaction fee on the Bitcoin network soared by 937.7% compared to the previous day, increasing from $0.74 to $7.68. Since July, network fees have remained relatively stable, not exceeding $2. In particular, on August 18, the fee reached its minimum level of $0.56. The sharp increase in fees forced network participants to face higher transaction costs. On August 23, the average transaction fee dropped to $0.34.
SEC Concerned About Solana (SOL) Security Status
The Securities and Exchange Commission (SEC) has expressed doubts about whether Solana (SOL) qualifies as a security, which has become a topic of discussion in discussions with potential ETF issuers.
Over the weekend, users noticed that the 19b-4 filings filed by the exchange on behalf of issuers had disappeared from the trading platform’s website. Likewise, these documents are missing from the Federal Register.
In order to start trading an ETF, the regulator must file a Form S-1. However, the SEC does not set a specific review timeline for this form. We can expect updated 19b-4 filings soon, which will provide a more informed opinion on Solana’s status.
Base Introduces ENS Domain Name System
Base, the second-layer network on the Ethereum platform, is introducing a new feature called Basenames. This solution will allow users to convert their complex hex addresses into easy-to-remember names using the Ethereum Name Service infrastructure.
According to the official website, Basenames will be a key element of the network that will allow users to establish their own digital identity on the Base platform. Owners of ENS domain names, such as base.eth, will be able to create an unlimited number of subdomains. These subdomains will remain under the control of the owner of the main ENS name.
When Basenames launches, all available names will be put up for auction in the Netherlands, where users will be able to purchase them. Prices for names will gradually decrease over 36 hours, ensuring fair access for everyone who wants to get the name they want.
Solana Network Prediction Market
The team behind the Solana-based perpetual contracts trading protocol Drift has unveiled a new prediction platform, BET. As the developers explained, BET — short for Bullish on Everything — integrates with the Drif infrastructure and offers users cross-margin and structured betting capabilities. The platform also uses the liquidity pool from the companion protocol. BET supports over 30 crypto assets as collateral. In the current alpha version of BET, there are already two contracts active related to the presidential race, with a combined pool of funds exceeding $300,000.
Tether Announces USDT Launch on Aptos Network
Tether has announced that it plans to integrate its USDT stablecoin with the Aptos Network blockchain in the near future. In its announcement, Tether highlighted the key benefits of the Aptos infrastructure, such as high speed, scalability, low transaction costs, and an active developer community.
The Aptos ecosystem has also seen impressive growth, with the number of active users increasing from 96,000 at the beginning of 2024 to 170,000 by July. In May, the network set a record for the number of transactions processed in a day — 157 million. According to Aptos, for the week ending August 15, the average number of transactions per day was about 50 million, and the peak throughput of the protocol reached 12,492 transactions per second.
The integration was supported by the Aptos Labs team. The company's CEO Mo Sheikh emphasized that this collaboration will allow the most efficient use of blockchain capabilities for processing large volumes of data and will accelerate the growth of the customer base.
MakerDAO User Loses $55 Million in Phishing Attack
An unknown user lost $55.47 million in DAI stablecoin on DeFi platform MakerDAO due to a phishing attack, according to analysts at Lookonchain. According to experts, the incident occurred when the investor inadvertently signed an unknown transaction and indicated a fake address as the owner of the assets. After realizing the error, the user probably tried to return the funds, but the transaction was blocked because the protocol had already registered the change of ownership.
